SoftBank's PayPay sends message to investors with $840M deal

SoftBank's PayPay, listed on Nasdaq less than three months ago, announced on June 4 it will acquire a 70.2% controlling stake in T&D Financial Life Insurance for roughly $840 million. The payments subsidiary will fund the entire transaction from existing cash reserves. The deal is expected to close in October 2027. PayPay raised roughly $603 million in net proceeds through its March IPO.